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NOTE 22: Core Crown residual cash

NOTE 22: Core Crown residual cash
2012
Actual
$m 		2013
Previous
Budget
$m 		2013
Forecast
$m 		2014
Forecast
$m 		2015
Forecast
$m 		2016
Forecast
$m 		2017
Forecast
$m

Core Crown cash flows from operations

Tax receipts 54,249 57,762 57,699 62,056 65,677 69,276 72,398
Other sovereign receipts 670 653 662 644 651 667 679
Interest, profits and dividends 1,431 1,676 1,583 1,660 1,831 1,826 2,146
Sale of goods and services and other receipts 2,699 2,506 2,322 2,641 2,080 2,000 1,989
Transfer payments and subsidies (22,854) (23,334) (22,937) (23,877) (24,154) (24,707) (25,424)
Personnel and operating costs (40,036) (42,411) (41,754) (42,800) (41,538) (41,442) (40,766)
Finance costs (3,369) (3,918) (3,789) (3,680) (4,026) (3,784) (4,051)
Forecast for future new operating spending -  (348) (42) (461) (1,324) (2,347) (3,408)
Top-down expense adjustment -  700 330 600 250 300 300
Net core Crown operating cash flows (7,210) (6,714) (5,926) (3,217) (553) 1,789 3,863

Core Crown capital cash flows

Net purchase of physical assets (1,262) (1,999) (1,782) (2,560) (1,942) (1,263) (1,514)
Net increase in advances (1,022) (926) (358) (990) (747) (998) (425)
Net purchase of investments (1,150) 62 38 334 281 (207) (1,477)
Forecast for future new capital spending -  (194) (2) (503) (707) (857) (1,000)
Top-down capital adjustment -  100 280 50 -  -  - 
Net core Crown capital cash flows (3,434) (2,957) (1,824) (3,669) (3,115) (3,325) (4,416)
Residual cash deficit (10,644) (9,671) (7,750) (6,886) (3,668) (1,536) (553)

The residual cash deficit is funded as follows:

Debt programme cash flows

Market:
    Issue of government bonds 15,146 14,122 15,554 10,245 7,839 6,441 6,426
    Repayment of government bonds (7,602) (9,982) (9,982) -  (10,955) (1,817) - 
    Net issue/(repayment) of short-term borrowing1 2,139 (3,701) (5,553) 90 (60) -  - 
Total market debt cash flows 9,683 439 19 10,335 (3,176) 4,624 6,426

Non-market:
    Issue of government bonds -  -  -  -  -  -  - 
    Repayment of government bonds (1,501) (499) (499) (757) (697) -  - 
    Net issue/(repayment) of short-term borrowing 430 -  -  (219) (249) (12) - 
Total non-market debt cash flows (1,071) (499) (499) (976) (946) (12) - 
Total debt programme cash flows 8,612 (60) (480) 9,359 (4,122) 4,612 6,426

Other borrowing cash flows

Net (repayment)/issue of other New Zealand dollar borrowing 5,880 741 4,118 724 1,559 1,065 599
Net (repayment)/issue of foreign currency borrowing (6,030) (620) (2,354) (512) (1,284) (940) (572)
Total other borrowing cash flows (150) 121 1,764 212 275 125 27

Investing cash flows

Other net sale/(purchase) of marketable securities and deposits 2,270 9,465 11,572 (2,826) 7,370 (3,350) (6,054)
Issues of circulating currency 203 144 264 141 145 150 154
Decrease/(increase) in cash (291) 1 (5,370) -  -  (1) - 
Total investing cash flows 2,182 9,610 6,466 (2,685) 7,515 (3,201) (5,900)
Residual cash deficit funding 10,644 9,671 7,750 6,886 3,668 1,536 553
  1. Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper.
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